Doxee
On 17 December 2019, Doxee S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 19 December 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 1,666,500 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.0; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 21.6 million.
The enterprise. DOXEE is a multinational High-Tech company, a leader in the Customer Communications Management, Paperless, and Digital Customer Experience markets. Doxee offers innovative technology products based on the only proprietary platform, the Doxee Platform, and delivered in Cloud mode to over 200 Enterprise-sized companies. The products offered to represent a powerful tool to innovate communication strategies between the company and its clients by creating personalized and two-way relationships.
Ultima Ricerca Doxee
UPDATE| In FY24A, the Group reported improving results, with consolidated revenues of € 26.47 mln (+2.4%) and a return to positive EBITDA of € 2.94 mln, driven by efficiency initiatives and the new ONE Company operating model. EBIT stood at € -2.25 mln, recovering from € -4.54 mln in 2023, while Net Income amounted to € -3.67 mln. The DACH region was a key growth driver, with revenues up 30.0% to € 5.10 mln. The recurring component reached 72.7% of total revenues, supported by the launch of the new integrated Doxee Platform. The Net Financial Position improved to € 19.22 mln, also benefiting from a € 5.90 mln capital increase completed in the first half of FY24A. Following the publication of the FY24A annual report, we have revised our estimates for the current and coming years. Specifically, we forecast FY25E production value of € 34.00 mln and EBITDA of € 6.10 mln, corresponding to a margin of 17.9%. For the following years, we expect production value to grow to € 42.00 mln by FY27E (CAGR 24A–27E: 12.1%), with EBITDA reaching € 10.80 mln (margin of 25.7%), up from € 2.94 mln in FY24A (EBITDA margin of 9.9%). At the balance sheet level, we estimate a net financial debt (NFP) of € 8.10 mln by FY27E. We evaluated Doxee’s equity value using both the DCF method and peer group multiples. The DCF method (including a 2.50% company-specific risk in the WACC as a conservative measure) results in an equity value of € 81.7 mln. The equity value based on market multiples is € 63.1 mln. The average equity value stands at approximately € 72.4 mln. The target price is € 6.30, with a BUY rating and MEDIUM risk profile. |
